TORONTO, ON/JAMAICA/ June 8, 2021 / Psyence Group Inc. (“Psyence” or the “Company”) (PSYG:CSE), a Canadian public biotechnology company with a global presence, is pleased to announce the incorporation, and operational commencement, of its wholly owned Jamaican subsidiary, “Psyence Jamaica Limited” (“Psyence Jamaica”).
The Psyence Group has been operating directly in Jamaica since inception in 2019. As a result of the many initiatives pursued by the Company in Jamaica, Psyence Jamaica was established on May 11th 2021, demonstrating the commitment of the Psyence Group to the development of standardized nutraceutical and pharmaceutical psychedelic products in Jamaica for the treatment of psychological traumas. In particular, Psyence Jamaica will initially focus on naturally derived psilocybin for the treatment of patients in a palliative care setting, led by Dr. Dingle Spence (Oncologist and Palliative Care Specialist and Psyence Jamaica’s Medical Advisor) and Dr. Amza Ali, the Psyence Group’s Global Medical Director. Dr Ali is a Jamaican Neurologist and is a board member of the Psyence Group and Psyence Jamaica.
This new development demonstrates the Company’s thrust for global expansion and strong commercial growth, as well as the commitment to invest in countries which possess attractive cultural, scientific, and clinical strengths to support and enhance its endeavors.
All over the world, Jamaica is well known for its plant-based remedies. Of the plants scientifically established as having medicinal properties, many are not only in Jamaica, but a significant percentage are endemic. Jamaica is keen to further develop its plant medicine industry. Given the potential for its indigenous psychedelic mushrooms, Jamaica encourages and facilitates research and development of psilocybin for medicinal use. Thus, this new Jamaican entity will be well poised to support its parent company in this emerging market, which is expected to reach US $ 10.75 billion by 2027.